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November, 2014

Owners of a Florida Professional Business are Restricted

November 26th, 2014

Posted in Business Law,General Practice

Florida law regulates the ownership of a professional limited liability company or professional corporation in an effort to safeguard the public from adverse interests.  See our prior two Blog Posts (LINK 1) (LINK 2) for more information on professional businesses.  Under Chapter 621 of the Florida Statutes, a professional business’s owners may only be professional limited liability companies, professional corporations, or individuals who are duly licensed or otherwise legally authorized to render the same professional service.[1]  Each owner must be licensed or otherwise legally authorized to conduct the professional service that the entity is organized or incorporated for.  For example, under this provision, a Florida attorney, accountant, and life insurance agent are prohibited from forming and operating a single professional entity. 
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Properly Naming a Florida Professional Business

November 19th, 2014

Posted in Business Law,General Practice

Florida has recently amended the law regarding what must be included in the name of professional businesses formed after January 1, 2014.  Below is a brief summary of the changes.  Companies formed prior to January 1, 2014 are not required to update the entity’s name to conform to the new requirements.  However, the entity’s name should still conform with Florida law prior to the recent amendments.  See our prior Blog Post (LINK) on what a professional service corporation or professional limited liability company is for more information on professional businesses.
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Understanding the “Professional” in a Florida Professional Business – Professional Service Corporations & Professional Limited Liability Companies

November 13th, 2014

Posted in Business Law,General Practice

Chapter 621 of the Florida Statutes governs professional service corporations and professional limited liability companies.  For an entity to file under this chapter, the practitioner must be engaged in a professional service.  A “professional service” is a type of service to the public that requires the performing individual to obtain a license or other legal authorization before engaging in practice.[1]  Examples of professional services in Florida include certified public accountants, public accountants, chiropractic physicians, dentists, osteopathic physicians, physicians and surgeons, doctors of medicine, doctors of dentistry, podiatric physicians, chiropodists, architects, veterinarians, attorneys at law, and life insurance agents.[2]
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